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City of Redwood City 7.1.G. - Page 74 <br /> Notes to the Basic Financial Statements <br /> For the year ended June 30, 2013 <br /> NOTE 2 — CASH AND INVESTMENTS (CONTINUED) <br /> Accordingly, as of June 30, 2013, the City's investment in LAIF at fair value amounted to $56,271,177 <br /> using a LAIF fair value factor of 1.000273207. The fair value of the City's position in the pool is <br /> materially equivalent to the value of the pool shares. <br /> The City is also a voluntary participant in the San Mateo County Investment Fund that is regulated by <br /> California Government Code Section 16429 under oversight of the Treasurer of the County of San <br /> Mateo. The City reports its investment in the San Mateo County Investment Fund at the fair value <br /> amount provided by County of San Mateo. Included in the San Mateo County Investment Fund <br /> investment portfolio are US Treasury Notes, Obligations issued by agencies of the United States <br /> Government, LAIF, Corporate Notes, Commercial Paper, collateralized mortgage obligations, mortgage - <br /> backed securities, other asset - backed securities, and floating rate securities issued by federal agencies, <br /> government- sponsored enterprises, and corporations. <br /> NOTE 3 - LOANS RECEIVABLE <br /> As of June 30, 2013, loans receivable consist of the following: <br /> Private Purpose <br /> Government -wide Trust Fund <br /> $ $ <br /> Wyndham Place First Time Homebuyer Loan Program 483,033 <br /> City Centre Plaza Loans 371,076 1,073,924 <br /> First Time Homebuyer Silent Loan Program 364,523 <br /> Loans with Non - profits and For Profit Organizations 1,133,153 <br /> Housing Rehabilitation Loans 1,754,338 <br /> Shores Childcare Loan 1,692,608 <br /> Parking Fund Loan 1,300,000 <br /> First Community Housing Loan 2,627,000 <br /> PAL Loan 242,857 <br /> Kainos Home and Training Center Loans 507,500 <br /> Total $ 10,476,088 $ 1,073,924 <br /> A. Wyndham Place First Time Homebuyer Loan Program <br /> The City established a First Time Homebuyer Program during fiscal year 1995 on a specific development <br /> sponsored by the former Redevelopment Agency called Wyndham Place. The program currently <br /> involves the resale of Wyndham units where the City has First Right of Refusal. The City exercises its <br /> First Right of Refusal and markets the units to qualified buyers. <br /> A portion of the City's Shared Appreciation is used to assist the new buyer in the Resale Program. While <br /> the initial program in 1995 made 0% interest loans, current buyers in the Resale Program are assisted <br /> according to the needs of the Borrower. Depending on the Borrower's ability to secure private financing <br /> for a first mortgage, the City loan is underwritten based on the Borrower's spendable income. <br /> 46 <br />